"Because we are not in the single currency, we won't take part in the profound elements of that banking union.

"I wouldn't ask British taxpayers to stand behind the Greek or Spanish deposits.

"It is not our currency, so that would be inappropriate to do.

"I understand why single currency countries have to look at deeper integration. I will make sure that Britain's interests, particularly in the single market and the openness and fairness of the single market are protected. That is key for Britain.

"We want the eurozone to succeed. We want the euro to solve the problems it faces, so that all European economies including ours can get back to healthy growth."